How to Earn Free Cryptocurrency

The saying ‘there’s no such thing as a free lunch’ is usually pretty true.

But in the world of cryptocurrency, there are several legitimate ways that you can earn digital assets without any major risks.

It’s important to remain wary of any offerings that seem a bit too good to be true. They probably are.

By staying calm and avoiding red flags, you can unlock a whole realm of earning opportunities ranging from time and labor-intensive to completely AFK.

1. Participating In Crypto Surveys

If you’ve ever tried to wrangle together beer money, you’ve probably come across surveys as a potential income stream. 

Surveys are vital to nearly every industry on the planet – they can help Governments test the waters on new policies, help marketing teams understand users’ needs and develop better products, or uncover investment trends among specific groups.

Cryptocurrency is no exception.

When participating in crypto-based surveys, you will be asked a range of questions such as your familiarity with Web3, how often you use crypto-related products, or what you look for when deciding which crypto exchange to use. 

There are several crypto survey providers, but perhaps the biggest and most reputable is Protocol Theory.

As one of Web3’s leading research companies, the team has worked alongside digital asset exchanges, blockchain protocols and big-name institutions.

But to deliver insights, Protocol Theory needs to survey real people to better understand crypto users’ attitudes, opinions and preferences.

So, the team pays people like you (in crypto or cash — your preference!) for participating in their questionnaires.

This is one of the easiest and most legitimate ways to earn ‘free’ crypto. By dedicating some of your time and expertise, you are not only getting compensated, you’re helping build the next era of finance.

2. Signup Bonuses

Some of Australia’s top crypto exchanges offer new users a small amount of crypto as a signup bonus. These referral programs have become a popular way for prominent trading platforms to grow their brand across the crypto sphere. 

If you want to trade digital assets anyway, using a referral link that rewards new accounts can be a super easy way to immediately start building your crypto portfolio.

The hoops for receiving your bonus crypto varies from platform to platform. For example, Swyftx, which offers eligible new users AU $20 worth of BTC, requires you to simply verify your account. Other signup bonuses might need you to make an AUD deposit, or trade ‘x’ amount of crypto, before you become eligible. 

Sign up to Swyftx and receive AU $20 worth of Bitcoin

3. Learn and Earn Programs

Cryptocurrency has blossomed over the past decade, becoming a staple of the financial markets. As more governments and institutions dip their feet into the sector, education around blockchain tech has become more and more important.

While crypto has the power to revolutionise the world, adoption hinges upon demystifying the industry to the average Joe.

To address this, certain crypto trading platforms have introduced educational programs. To incentivise participation, completion of these courses may reward the user with a small amount of ‘free’ crypto. To prove you’ve properly read all the relevant content, you may have to pass a short quiz before earning the digital currency.

The courses take on a range of topics. For example, Australian exchange Swyftx’s Learn and Earn topics include:

• Fundamental Analysis in Crypto
• Dollar Cost Averaging in Crypto
• Crypto and Bitcoin Market Cycles
• Guarding Against Investment Scams 
• Ultimate Guide to Storing Crypto Safely

Earnings can range from a few bucks to AUD $10+.

Prominent global exchanges Binance and Coinbase, popular choices for many crypto traders, offer similar Learn and Earn programs for customers.

This can be an awesome way to earn a little bit of crypto to kickstart your portfolio, while also learning valuable information about the blockchain world.

4. Staking

Staking can be a powerful earning mechanism for crypto investors. It involves locking up a digital currency in a smart contract, which is used to validate transactions on the network. In exchange for locking up your tokens, you can earn a small amount of additional crypto.

This is all thanks to a unique consensus mechanism known as ‘Proof-of-Stake’, and is kind of like the new age equivalent of mining. It allows ‘validators’ to stake (lock up) a set amount of crypto on a network and potentially add the next block to the chain. If they are chosen to verify the next batch of transactions, validators receive an in-kind reward.

Running a copy of a blockchain network (called a node) on your own can be costly, complex and resource-intensive. This is why most staking blockchains operate ‘pools’, where the rewards are distributed among a large group of people.

Staking rewards are typically paid out as a variable interest rate – similar to a high-interest savings account. The more people staking on a network, the lower the rate (and vice versa).

There are several ways you can stake your cryptocurrency:

• Running a full node provides the most potential earnings, but can require significant upfront capital.
• Decentralised liquid staking apps like Lido and RocketPool let you easily join staking pools for blockchains such as Ethereum.
• Certain crypto exchanges, such as Binance, allow users to stake a wide range of tokens via their platform.
• Some wallets allow native, on-chain staking through popular validator pools.

Staking can be a great way to earn additional income while securing a blockchain protocol. 

That said, it’s worth remembering that staking requires an initial investment, unlike previous options on this list.

You can learn more about staking via our Beginner’s Guide.

5. Airdrops

Airdrops are one of the most popular ways for cryptocurrencies to reward early adopters and boost awareness of the project.

This method of earning tokens can take on many different shapes and sizes. One of the most common occurs when a project first releases its native digital currency to the world. Users who have been active and engaged within the community before-hand can be rewarded for their efforts via an airdrop.

Take for example, the popular GameFi project Pixels.XYZ. The platform’s top players earn native tokens by simply participating in the game over a period of time. Other participation metrics might include posting on the project’s Discord/Twitter, or using native decentralized applications.

Another, less time-intensive form of airdrop can occur via a partnership. In this instance, users earn new tokens for ‘free’ simply by holding a different, associated cryptocurrency in their Web3 wallets. If eligible, the tokens will be airdropped into their wallet.

An easy way to find new airdrops is by using a platform such as Airdrops.io, CoinGecko or even Binance.

Summary

Alright, let’s be honest. There’s no real way to earn a bunch of ‘free’ crypto without at least putting in some effort.

However, there are plenty of options for investors to give their portfolios a little boost while learning about the industry or participating within a community.

Something as simple as answering a few survey questions can go a long way to improving the future of Web3 – and you can earn a little side cash from it, too.

However, remember to be cautious when hunting for earning opportunities. We said it once before and we’ll say it again: If it looks too good to be true, it probably is.